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NISSAN ANNOUNCES CHANGES IN TOP MANAGEMENT

 NISSAN ANNOUNCES CHANGES IN TOP MANAGEMENT
 TOKYO, March 27 /PRNewswire/ -- The following statement was released


in conjunction with Mr. Yutaka Kume's announcement of executive changes at the top of Nissan Motor Co., Ltd.'s management.
 Introduction
 Thank you very much ladies and gentlemen for taking time from your busy schedules to join us today at such short notice.
 I have served as president of Nissan for the past seven years, since assuming the office in 1985. Today, I would like to announce that Mr. Yoshifumi Tsuji, currently executive vice president, has been promoted to become Nissan's new president. As a result, I will become chairman, and Mr. Ishihara, our current chairman, will assume the position of counselor.
 Business Environment
 Amid the dramatic changes in world affairs recently, the business environment surrounding the automotive industry has been changing at an unexpectedly rapid pace. In Japan, economic conditions have led to a sales slowdown and overall demand has declined. Overseas, the U.S. market has remained sluggish due to the prolonged recession.
 On the other hand, our profit structure has also changed rapidly. This has been caused by a heavier cost burden as a result of steps taken to meet growing vehicle demand in recent years, as well as by increased R&D expenditures for coping with environmental and safety-related issues, and by currency exchange losses due to the strong yen and so on.
 Midterm Business Plan for FY 1992-94
 Against this backdrop, Nissan has drawn up a midterm business plan for fiscal years 1992 to 1994, which we view as a period of rebuilding the company's business operations. This plan is designed to speed up our internal reform and thereby enable Nissan to weather this turbulent age. I believe there will be another opportunity to explain our midterm plan to you in detail. Under this plan, we intend to turn away from the pursuit of quantitative expansion, which has been the course followed to date. Our midterm plan is based on a philosophy of symbiosis -- that is, symbiosis with the earth, which involves protecting the global environment, and symbiosis with the rest of the world, which means living alongside and prospering with the automotive industries of other countries in international markets. The plan is aimed at building a corporate structure for achieving optimum growth that will provide high levels of satisfaction to our customers, employees, shareholders and all of the people at companies affiliated with Nissan.
 There are various issues which must be addressed in the days ahead. These include meeting the social demand for shorter working hours, extending the product life cycle, consolidating and reducing the number of model variations, promoting common use of major parts and components and normalization of sales practices, among other issues.
 Introduction of Mr. Tsuji as Nissan's New President
 In this rapidly changing environment, we feel that Nissan is now at an important juncture in its corporate reform effort. Personally, I think this is the right time for a new and younger person to take the helm at Nissan, someone who will bring a fresh perspective to bear on the tasks facing the company and steer it through these turbulent times. Mr. Tsuji is eminently qualified to fill this role as helmsman. And I intend to give our new president all-out support from my position as chairman.
 Closing Remarks
 With the environment becoming increasingly more severe, all of us are determined to stand behind Mr. Tsuji and work together to overcome this difficult period, in order to transform Nissan into a company in tune with this new era. I hope that we can count on your continued understanding and support.
 -0- 3/27/92
 /CONTACT: Shuji Kawasaki or Jim Gill of Nissan, 313-393-1893/
 (NSANY) CO: Nissan Motor Co., Ltd. ST: IN: AUT SU: PER


KK -- DE017 -- 2525 03/27/92 16:51 EST
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Publication:PR Newswire
Date:Mar 27, 1992
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